FG kick-start N235 billion CBN/BOI Intervention Fund Loan Application for Enterprises
The FG through the Bank of Industry (BOI)has set aside N235 billion intervention fund for re-financing and restructuring of banks’ loans to the manufacturing sector.
About Bank Of Industry.
The Bank of Industry (BOI) was established by the Federal Government of Nigeria with the mandate of providing financial assistance (Loan) for the establishment of large, medium and small projects/enterprises as well as the expansion, diversification and modernisation of existing enterprises; and rehabilitation of existing ones in the country
It also provide access to funds for startups, SMEs, and large enterprises. And by access, we mean that we facilitate the entire process, right from pre loan application.
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The objectives of the Fund are to:
- Fast-track the development of the manufacturing sector of the Nigerian economy by improving access to credit to manufacturers.
- Improve the financial position of the Deposit Money Banks (DMBs).
- Increase output, generate employment, diversify the revenue base, increase foreign exchange earnings and provide inputs for the industrial sector on a sustainable basis.
The FG has commenced the relgistration for 2021 batch of the Bank of Industry loan application, as it stands now application are ongoing for registration.
The application process can be done both offline and online, applicants who are willing to apply online should visit the bank website at www.boi.ng for application process, for those who may prefer to do it offline should visit any branch across Nigeria for registration and documentation.
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